C&WJ; Co-operative Credit Union buys 188,490 under buy-back programme

Community & Workers of Jamaica Co-operative Credit Union says it bought 188,490 shares last Friday under the company's share buy-back programme.

CWJC Credit Union noted that the purpose of the purchase was to unlock shareholder value by purchasing at a price that was at a significant discount to its book value per share.

It said the share buy-back programme contributes up to 10% of the company's 7.35% deferred shares. 

The credit union said the source of funding was cash on its balance sheet, and the shares were repurchased on the open market.